Allstate Corp Boosts Position in Paychex, Inc. $PAYX

Allstate Corp raised its stake in shares of Paychex, Inc. (NASDAQ:PAYX) by 83.0% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 21,646 shares of the business services provider’s stock after acquiring an additional 9,815 shares during the period. Allstate Corp’s holdings in Paychex were worth $2,428,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of PAYX. Vermillion & White Wealth Management Group LLC purchased a new position in shares of Paychex during the 3rd quarter valued at about $27,000. Cornerstone Planning Group LLC raised its stake in shares of Paychex by 957.1% during the 4th quarter. Cornerstone Planning Group LLC now owns 296 shares of the business services provider’s stock valued at $30,000 after buying an additional 268 shares during the last quarter. Stance Capital LLC purchased a new position in shares of Paychex during the 3rd quarter valued at about $31,000. MMA Asset Management LLC purchased a new position in shares of Paychex during the 3rd quarter valued at approximately $32,000. Finally, Kingdom Financial Group LLC. purchased a new position in shares of Paychex during the 4th quarter valued at approximately $33,000. Hedge funds and other institutional investors own 83.47% of the company’s stock.

Paychex Price Performance

Shares of NASDAQ PAYX opened at $95.51 on Friday. The firm has a market cap of $34.22 billion, a PE ratio of 21.04 and a beta of 0.84. The firm has a fifty day moving average of $92.24 and a 200 day moving average of $100.84. The company has a debt-to-equity ratio of 1.13, a quick ratio of 1.26 and a current ratio of 1.26. Paychex, Inc. has a one year low of $85.45 and a one year high of $161.24.

Paychex (NASDAQ:PAYX) last issued its quarterly earnings results on Wednesday, March 25th. The business services provider reported $1.71 EPS for the quarter, topping the consensus estimate of $1.67 by $0.04. The company had revenue of $1.81 billion during the quarter, compared to analyst estimates of $1.78 billion. Paychex had a net margin of 25.84% and a return on equity of 48.52%. The firm’s revenue was up 19.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.49 EPS. As a group, research analysts predict that Paychex, Inc. will post 5.5 EPS for the current fiscal year.

Paychex Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, May 29th. Investors of record on Wednesday, May 13th will be issued a $1.19 dividend. This represents a $4.76 annualized dividend and a yield of 5.0%. The ex-dividend date of this dividend is Wednesday, May 13th. This is a boost from Paychex’s previous quarterly dividend of $1.08. Paychex’s payout ratio is presently 104.85%.

Analysts Set New Price Targets

Several research firms have recently weighed in on PAYX. Argus raised shares of Paychex to a “strong-buy” rating in a report on Friday, March 27th. UBS Group cut their target price on shares of Paychex from $98.00 to $94.00 and set a “neutral” rating for the company in a report on Monday, April 13th. Robert W. Baird cut their target price on shares of Paychex from $148.00 to $125.00 and set a “neutral” rating for the company in a report on Thursday, March 26th. Guggenheim started coverage on shares of Paychex in a report on Thursday, March 19th. They set a “neutral” rating for the company. Finally, Royal Bank Of Canada restated a “sector perform” rating on shares of Paychex in a research note on Thursday. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, twelve have issued a Hold rating and four have issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Reduce” and a consensus target price of $106.38.

About Paychex

Paychex, Inc, founded in 1971 by B. Thomas “Tom” Golisano and headquartered in Rochester, New York, is a provider of payroll, human resources, and benefits outsourcing solutions for small- and medium-sized businesses. The company’s core services include payroll processing and tax filing, employee benefits administration, retirement services, and workers’ compensation administration, designed to simplify back-office operations and help clients comply with regulatory and tax requirements.

Paychex offers an integrated technology platform, marketed under the Paychex Flex brand, which delivers cloud-based payroll, HR, time and attendance, and reporting tools.